Bain Capital to buy financial software vendor Envestnet in $4.5 bln deal (updated)
11/07/2024 14:06
(Adds detail on Envestnet's business in paragraphs 2-3)
July 11 (Reuters) - Private equity firm Bain Capital
will buy Envestnet ENV.N in a $4.5 billion deal, the financial
software vendor said on Thursday.
Berwyn, Pennsylvania-based Envestnet offers software for
wealth managers and data for financial institutions and
investment research firms.
Its clients include 16 of the 20 biggest U.S. banks and 48
of the 50 largest wealth management and brokerage firms.
Reuters exclusively reported earlier this week that the
firms were close to a deal.
(Reporting by Niket Nishant in Bengaluru; Editing by Shilpi
Majumdar)
((Niket.Nishant@thomsonreuters.com;))